The PPP/C government yesterday signalled to CGX Energy Inc (CGX) that it would be seeking amendments to the 2013 agreement signed under the Donald Ramotar administration, with Vice President Bharrat Jagdeo saying the decision is in keeping with campaign promises made to give this country better deals from the resource.
With CGX’s exploration licence set to expire in February of next year, Jagdeo hinted at leveraging that licence for especially better fiscal terms in a renegotiation of the Production Sharing Agreement (PSA).
The terms of the CGX Agreement are almost identical to those of the much maligned 2016 agreement signed by the current administration with ExxonMobil’s local subsidiary and its partners as it was from the same template that the two documents were formed.